WuXi stock plum­mets, wip­ing near­ly $10B off mar­ket val­ue as US adds it to ‘un­ver­i­fied’ list

As Covid-19 has made it more dif­fi­cult for US reg­u­la­tors to car­ry out rou­tine in­spec­tions, WuXi Bi­o­log­ics has been hit with un­ver­i­fied sta­tus, caus­ing its stock to plum­met, and wipe $9.9 bil­lion off of its mar­ket val­ue be­fore trad­ing of its shares was halt­ed.

WuXi’s stock tum­bled 26% in Hong Kong af­ter the com­pa­ny was added to the US De­part­ment of Com­merce’s un­ver­i­fied list. The com­pa­nies on the list are hit with stricter im­port con­trols. WuXi is list­ed right on page 7 of the re­port, along with an­oth­er 70-plus com­pa­nies based in Chi­na. The list­ing means that it is un­able to re­ceive items sub­ject to the ex­port ad­min­is­tra­tion reg­u­la­tions, and ex­porters on the list must file an Au­to­mat­ed Ex­port Sys­tem record.

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